Covéa Insurance fraud fighters scoop industry award

Covéa Insurance was delighted to win the “Counter-Fraud Initiative of the Year” award at The Insurance Fraud Awards in London; the awards recognise businesses making a positive impact on detecting and preventing fraudulent insurance claims.

Insurance fraud is a huge problem, the impact of which is driving up the cost of insurance for the honest majority of customers. Data from the Association of British Insurers (ABI) suggests that insurers detected over £1.32 billion worth of fraudulent claims in 2014, equating to an estimated £3.6 million worth of fraud per day (Click here for source article).

Covéa Insurance’s award-winning anti-fraud initiative focused on detecting home insurance fraud in a way that ensured there was no negative impact on the claims experience for genuine customers.

Steve Jackson, Head of Financial Crime at Covéa Insurance, who received the award on behalf of the firm, commented:

“While we’re delighted that our work has been recognised with this award, what’s really rewarding is knowing that our efforts in tackling insurance fraud benefit the honest majority. The cost of fraudulent claims runs into the millions of pounds every year, but many people don’t realise the significant effect that this has in terms of increasing insurance premiums. Our philosophy is about ensuring we have robust processes that allow us to detect fraud without impacting on the service experience for our genuine customers. We won this award for the particular attention we paid to ensuring the claims experience remained positive and stress-free for our honest customers.”

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About Covéa Insurance

Covea Insurance Plc is the UK underwriting business of leading French mutual insurance group Covéa, who are number 1 for property and liability insurance in France, generating over 17.4 billion Euros in premiums in 2019.  

Covéa Insurance looks after the insurance needs of over 2 million policyholders; delivering financial reassurance through its Standard & Poor’s ‘AA- stable’ rating, as a guaranteed subsidiary of Covéa. 

The company offers motor, household, protection, pet, mid and high net worth insurance and a range of commercial insurance products, through a range of distribution channels.

Employing over 1900 people, Covéa Insurance has a strong people and service ethos.  It holds ServiceMark accreditation with Distinction for its Personal Lines operation and its Commercial & HNW Claims teams, as well as Chartered Insurer status for its Commercial business.  Covéa Insurance is signatory to the HM Treasury Women in Finance Charter and the insurance Inclusivity Pledge and has been named one of the top 75 employers in West Yorkshire & the Humber.

Recently, Covéa Insurance were named as the Best Place to Work in Digital (Large Organisations) at the Digital Technology Leaders Awards.  They were also recipients of the Staff Empowerment Award at the Diversity & Inclusion in Insurance Awards, and the High Net Worth Product of the Year Award at the Insurance Times Awards.  They also received the Diversity Award at the British Insurance Awards.  They are currently shortlisted for 4 Insurance Times Awards.